LBG Acquires Home Depot Building in Henderson, Nevada for $13,500,000
Los Angeles, CA, February 04, 2013 --(PR.com)-- LBG Realty Advisors, LLC, in partnership with an affiliate of Aviva Investors North America, Inc., has purchased the majority and controlling interest from Santa Monica, CA based SMA Ltd., Managing General Partner, Samuel Rubin, in the Home Depot building which is part of the Sunset Plaza shopping center in Henderson, NV. Home Depot has been the anchor tenant of the 265,000 square foot Sunset Plaza shopping center since the property was developed in 1993. It is located at the Sunset Road on and off ramps of US 95, between US 95 and Forest City’s highly successful Galleria at Sunset super-regional mall. The acquisition also included an undeveloped pad which can accommodate an additional approximately 6,000 square foot building. The property is uniquely situated within this premier core retail submarket in the Las Vegas MSA and at the center of a densely populated and growing neighborhood which boasts a population of nearly 300,000 people within a 5-mile radius of the property.
“This is a perfect opportunistic buy,” said Leslie Lundin, Managing Partner of LBG. "LBG purchased the property at a significant discount to current market value because we were able to accommodate the seller’s need for a year end close." LBG closed on the acquisition in under 30 days. Doug Beiswenger, Managing Partner of LBG added, “It is a class A property in a class A, infill location, is the dominant home improvement store in the trade area, and is leased at a below market rent. The Galleria market is an established and growing market. The property is being purchased near the bottom of the market, and has tremendous growth potential.”
“The location is unquestionably the hub of retail for the entire trade area. The partnership sees significant upside potential through active, institutional quality leasing and management as well as the opportunity to develop a highly desirable pad as the Las Vegas economy recovers,” according to David Goldman, Managing Partner of LBG.
Russ Bates, Head of the Americas of the global Real Estate Multi-Manager group of Aviva Investors North America, Inc. added “The investment reflects our strategy of partnering with accomplished, local specialists to meet the liquidity needs of existing investors either through outright purchase of an interest or recapitalization of a partnership. We believe the property’s location is highly desirable and allows us to participate in the potential future recovery of the Las Vegas market.”
About LBG Realty Advisors, LLC
LBG Realty Advisors, LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate in the western United States. The company focuses on opportunistic investments with a strong preference for retail properties. LBG’s key objective is to generate superior risk adjusted returns through value creation and income appreciation, while minimizing risk. LBG seeks to acquire retail properties and distressed debt in the western United States.
About Aviva Investors
Aviva Investors, which includes Aviva Investors North America, is the global asset management firm of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 17 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management in excess of $433 billion (USD), as of September 2012, in segregated mandates, pooled funds and alternative strategies spanning asset classes which include: real estate, equities, fixed income, derivatives and money market instruments.
Neither Aviva Investors North America, Inc. nor its affiliates engages in or holds itself out as engaging in the business of advising others as to investing in securities or the business of buying or selling securities in any jurisdiction where it is not qualified to do so. This material is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or would subject Aviva Investors North America, Inc. or any of its affiliates to any registration or licensing requirement within such jurisdiction.
“This is a perfect opportunistic buy,” said Leslie Lundin, Managing Partner of LBG. "LBG purchased the property at a significant discount to current market value because we were able to accommodate the seller’s need for a year end close." LBG closed on the acquisition in under 30 days. Doug Beiswenger, Managing Partner of LBG added, “It is a class A property in a class A, infill location, is the dominant home improvement store in the trade area, and is leased at a below market rent. The Galleria market is an established and growing market. The property is being purchased near the bottom of the market, and has tremendous growth potential.”
“The location is unquestionably the hub of retail for the entire trade area. The partnership sees significant upside potential through active, institutional quality leasing and management as well as the opportunity to develop a highly desirable pad as the Las Vegas economy recovers,” according to David Goldman, Managing Partner of LBG.
Russ Bates, Head of the Americas of the global Real Estate Multi-Manager group of Aviva Investors North America, Inc. added “The investment reflects our strategy of partnering with accomplished, local specialists to meet the liquidity needs of existing investors either through outright purchase of an interest or recapitalization of a partnership. We believe the property’s location is highly desirable and allows us to participate in the potential future recovery of the Las Vegas market.”
About LBG Realty Advisors, LLC
LBG Realty Advisors, LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate in the western United States. The company focuses on opportunistic investments with a strong preference for retail properties. LBG’s key objective is to generate superior risk adjusted returns through value creation and income appreciation, while minimizing risk. LBG seeks to acquire retail properties and distressed debt in the western United States.
About Aviva Investors
Aviva Investors, which includes Aviva Investors North America, is the global asset management firm of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 17 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management in excess of $433 billion (USD), as of September 2012, in segregated mandates, pooled funds and alternative strategies spanning asset classes which include: real estate, equities, fixed income, derivatives and money market instruments.
Neither Aviva Investors North America, Inc. nor its affiliates engages in or holds itself out as engaging in the business of advising others as to investing in securities or the business of buying or selling securities in any jurisdiction where it is not qualified to do so. This material is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or would subject Aviva Investors North America, Inc. or any of its affiliates to any registration or licensing requirement within such jurisdiction.
Contact
LBG Realty Advisors, LLC
Leslie Lundin
310-235-0444
www.lbgfunds.com
Leslie Lundin
310-235-0444
www.lbgfunds.com
Contact
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